WOOLWORTHS ACQUIRES REMAINING 49% STAKE IN ITS ZAMBIAN BUSINESS

August 14, 2014

Woolworths has concluded terms to purchase the remaining 49% shareholding in its Zambian business. This purchase is another key step in Woolworths African expansion strategy. There are currently four stores in Zambia and there are plans to expand and open additional stores in Lusaka, Kitwe and Solwezi over the next two years.

Woolworths acquisition in Zambia represents the ongoing commitment to investing in and growing our African business. Growing African markets will drive future profitability and deliver on the group’s strategy to be a leading Southern Hemisphere retailer.

“This acquisition of our Zambian business is another important step in investing in our African business and will enable us to ensure we deliver the same brand experience to all our customers,” said Paula Disberry, Woolworths Group Director, Retail Operations.

Our focus is to become the favourite retail destination for our Zambian customers by providing a fabulous shopping experience, offering high quality products at prices which are surprisingly affordable.

Woolworths has traded successfully in various African countries outside of South Africa for the past two decades. It currently has 61 corporate stores in 11 countries including Botswana, Namibia, Lesotho, Swaziland, Ghana, Kenya, Tanzania, Uganda, Zambia, Mozambique and Mauritius.

Woolworths has concluded terms to purchase the remaining 49% shareholding in its Zambian business.